CITIC Securities: Optimistic about coal price performance in the second quarter, sector expected to launch a new round of market trend.

CITIC Securities pointed out that the net profit of sample coal listed companies in the first quarter of 2026 is expected to increase by 2.2% year-on-year, with thermal coal companies showing a slight increase overall and metallurgical coal companies expected to see rapid improvement year-on-year. CITIC Securities is optimistic about the performance of coal prices in the second quarter, even if tensions in the Middle East ease, the recovery of energy supply will also take time. Combined with the release of demand in the peak summer season in the northern hemisphere, domestic and international coal prices are expected to resonate in the mid-to-late second quarter, and the effects of rising coal and chemical prices are also expected to be fully reflected in the second quarter. Once the market forms a new catalyst for coal price expectations, the sector is expected to start a new round of market trends.